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Our criteria for determining which banks made the cut were based on report card ranking, which can be seen on any bank’s profile, and number of reviews. In determining which banks topped the list, we chose banks that had at least 20 reviews. Honorable mentions go to Barclays and UFB Direct, which both ranked highly, but had under 10 reviews.
Additionally, each bank’s report card has several categories reviewers weighed in on: bank financial health, bank fees, interest rates, remote deposit access, mobile services, and average customer reviews. Customers rank each category as poor, fair, or good, and our site determines an overall ranking based on customer reviews.
These banks consistently scored well among those dimensions, and none had received a poor rating in any category.
Ally Bank rated four out of five stars by reviewers, with a total of 357 reviews. Ally Bank has also been rated as one of the most trusted companies for retail banking by the Ponemon Institute in 2012. Ally doesn’t have physical locations, which reviewers say makes it easier to offer competitive rates, low fees, 24/7 live customer care, and no ATM fees, in addition to reimbursing other banks’ ATM fees nationwide.
Ally Bank has some of the most competitive rates in the country when it comes to CDs, money market, savings and checking accounts. Ally also does not charge overdraft fees when customers overdraw accounts at an ATM.
Capital One 360
Reviewers gave Capital One 360 four out of five stars with a total of 31 reviews. Perhaps its most unique feature is its overdraft fee — there is none. The average bank charges a $31 overdraft fee when a customer dips below $0, but Capital One charges nothing, asking customers to pay a small amount of interest on the money borrowed instead.
The bank has also recently started rolling out banking cafes in major cities, such as San Francisco, Chicago, Honolulu, and New York. Within these cafes, bankers double as baristas, making drinks for customers and also roaming around the cafe doling out financial advice to customers, as well as address account issues.
In terms of checking, the bank advertises no fees, free bill pay, and free ATMs, and also gives customers the satisfaction of earning money on their FDIC- insured deposits. Capital One 360 is the new name for the former ING Direct online bank.
Charles Schwab earned four out of five stars, with a total of 42 reviews. This bank offers high-yield checking and saving accounts, and money market and CD accounts.
In terms of checking, Schwab advertises free ATM usage, with unlimited fee rebates from any ATM worldwide, in addition to charging no monthly service fees and earning interest on balances. In addition, you get a linked Schwab One brokerage account with no fees or minimums, free standard checks, a Visa Platinum debit card, and free bill pay.
Open a savings account and you’ll get a variable annual percentage yield, with no account minimums and no monthly service fees. Schwab reinvests in communities through community development efforts and activities that help meet the banking and credit needs of low and moderate income neighborhoods and individuals.
USAA Bank snagged four out of five stard, with a total of 170 reviews. USAA Federal Savings Bank provide a full range of financial products and services to the military community worldwide, including insurance, banking, investments, and retirement.
USAA’s secure checking comes with free nationwide use of ATMs, protection from unauthorized charges, zero monthly fees, and notice of security and fraud alerts. USAA also offers mobile banking, complete with a USAA app for iPad, and allows qualified members to deposit checks from their smartphone or scanner.
Their rates are competitive on purchases, balance transfers, and cash advances. As for the rewards system, points can be redeemed for cash, travel, gift cards, and other items. Customers who choose cash reward can earn up to 1.25% cash back on everyday purchases. Active military who are members get their own special offers, such as a full rebate for interest charges incurred during military campaigns.
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